Insurance is a feature you really need to take care of when you build your own home. And if you required a construction loan, then the lenders require you a minimum of insurance to cover liability, workers' compensation and course of construction. From these, the liability insurance is the most important. Even though you finance the construction project 100% from the total costs, you will still need insurance in order to protect your pocket from further issues.
Liability insurance is the most important and it protects you against people getting hurt on the construction site. The policy can be carried either by you or the contractor. If the policy is carried by the contractor, then it has to meet the following criteria in order to be accepted by lenders:
- The contractor must be named as the insured - You and the lender must be named as additional insured - You must include in the insurance certificate the property address
If you want to be the carrier of the liability policy, or you are an owner builder, then you need to know that it is rather expensive for the contractor to carry it himself. But usually, contractors have liability insurance. คอนโดมือสอง ราคาถูก In case you are the carrier of the policy, you are named as the insured and contractor doesn't need to be named.
Keep in mind that liability policies vary according to the state and to size of the home. The bigger the home, the higher the cost for the liability insurance.
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